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Govt cancelled MDR Charges for Digital Payments!

December 29, 2019 11:19 AM

Govt cancelled MDR Charges for Digital Payments
Nirmala Sitharaman has announced that the Merchant Discount Rate (MDR) charges on selected cash transactions will be lifted. The charges will be cancelled from January 1.

NEW DELHI: Finance Minister Nirmala Sitharaman has announced that the Merchant Discount Rate (MDR) charges on selected cash transactions will be lifted. The charges will be cancelled from January 1.She said he would notify the selected cash transactions soon. This was revealed at a meeting with heads of public sector banks on Saturday. The decision seems to have been made in part to further promote digital transactions. It is reported that these charges will be waived on transactions with rupee card and QR code. The minister also advised the bank heads to resolve the vigilance cases registered against their officers.

Also read: Income tax rate cut soon, hints Nirmala Sitharaman

Nirmala Sitharaman asks banks to clear pending vigilance cases against officials

When a customer transacts with a debit card at the Point of Sale (POS) terminal, the merchant has to pay MDR charges to its service providers. These charges are payable even when transacting with QR code online. It is 0-2 percent. In fact, some merchants charge it from customers. On the other hand, even after the cancellation of big notes, the centre has borne the burden of MDR charges for digital transactions for years.

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